NPA Votes N14.3bn For Lekki Deep Sea Port Project

The Nigerian Ports Authority (NPA) has set aside N14.3billion as part of its financial commitment to the ongoing construction of Lekki Deep Seaport in 2016.

NPA had in its 2015 budget allocated N20.4 billion as the balance of the Federal Government equity to the project.The project is being built on a tripartite arrangement between the Federal Government, represented by the NPA, the Lagos State Government and private investors, represented by the Tolaram Group.

Meanwhile, between January and December this year, NPA has projected revenue of N201.32billion. Out of the sum, N50.42 billion representing 25 percent will be transferred to the consolidated revenue fund while a total of N69.17 billion is for personnel and overhead expenses and N81.77billion for capital expenditure.

According to NPA, the proposed revenue is based on ship & cargo traffic expectation within the period while “the operating expense budget is essentially driven by the need to maintain and upgrade existing assets, improve monitoring roles and advance human capital development”.

In the proposed budget details, Managing Director of NPA, Habib Abdullahi explained that the projected revenues and expenditure were prepared based on the assumptions that the official exchange rate shall be maintained around N197 to a dollar.